Definition of Market Value
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of the sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
A: Buyer and seller are typically motivated.
B: Both parties are well informed or well advised, and acting in what they consider their own best interest.
C: A reasonable time is allowed for exposure in the open market.
D: Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and
E: The price represents the normal consideration for the property sold unaffected by the special of creative financin or sales concessions granted by anyone associated with the sale.
William King, owner & sole proprietor
General Certified Real Estate Appraiser
#AG0044752 / California
2674 Preble Avenue
Ventura, CA 93003
Office: (805) 653-6133
Mobile: (805) 407-7560